Lifelong Republican Alan Greenspan-country can't afford $3.3 trillion of McCain tax cuts

[mod mom]

Greenspan Says McCain Tax Plan Needs Corresponding Budget Cuts
By Scott Lanman

Sept. 12 (Bloomberg) -- Former Federal Reserve Chairman Alan Greenspansaid the country can't afford $3.3 trillion of tax cuts proposed by Republican presidential nominee John McCain without corresponding spending reductions.

Greenspan, a lifelong Republican and longtime friend of McCain, said today on Bloomberg Television's ``Political Capital With Al Hunt'' that ``I'm not in favor of financing tax cuts with borrowed money.''

McCain has said he would balance the cost of most of his tax cuts with budget reductions, while providing few details beyond eliminating earmarks and other pork-barrel spending, which have totaled about $171 billion since 2001. Democratic nominee Barack Obama is proposing fewer tax cuts and more ambitious spending programs.

Greenspan said he has ``mixed feelings'' about a second government economic-stimulus bill after the U.S. provided a $168 billion package in February. While such an action may increase the budget deficit at a time when spending on retirees' medical benefits is about to cause ``big'' financial problems, it may also boost economic growth, he said.

-snip

http://www.bloomberg.com/apps/news?pid=20601070&sid=aKZG._gG2NVI&refer=politics

[Skwmom]

1. When it is all said an done, this is a set up to help McCain and

feed into his phony I will take on pork image.

Greenspan is a big time schmuck and one of the chief architects of our pending financial collapse.

[nyhuskyfan]

2. Big time

This schmuck once went on record as saying that we were paying off our debt too quickly. Looks like that's never going to be a problem again.

He deserves to live in infamy.

[mod mom]

3. Well at least he called his '01 testimony of bush Tax Cuts "Politically Careless"

Just maybe he realized what a huge mistake it is and feels guilty.

from the OP article:

Politically Careless

``I always have tied tax cuts to spending,'' Greenspan said. In 2001 testimony before Congress, Greenspan was widely interpreted to have endorsed Bush's proposal to cut taxes by $1.6 trillion over 10 years. In the book, Greenspan characterized his testimony as politically careless and said his words were misinterpreted.

Paul Volcker, Greenspan's predecessor as Fed chairman, has endorsed Obama, a first-term U.S. senator from Illinois, in the presidential election, and is serving as an economic adviser to the candidate.

Greenspan said the widening income disparity among Americans is a ``very serious'' issue, and requires both raising the pay of lower-income workers and reducing higher incomes. ``The best way of doing that is to remove what is essentially protectionism for those skilled workers in the United States who are helped by keeping out their competition,'' he said, referring to the issue of ``skilled immigration.''

[pansypoo53219]

5. yep.

i have been blaming greenspan for quite while.

[AzDar]

4. Kick...

:kick:

[grantcart]

6. and this from hell

record cold spell has dropped the average temp to 43 degrees below zero freezing all water sources and bursting all pipes.